Seattle-based brokerage Redfin began the year by laying off 46 employees, including managers in corporate, program, and field leadership roles. A spokesperson told GeekWire, which broke the news Thursday afternoon, that no agents were involved in the layoffs.
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Seattle-based brokerage Redfin began the year by laying off 46 employees, including managers in corporate, program and field leadership roles.
A spokesperson told GeekWire, which broke the news Thursday afternoon, that no agents were involved in the layoffs.
“We continue to actively recruit agents,” a spokesperson told GeekWire.
Redfin has announced several layoffs over the past two years, but they have focused on brokerage support staff. Job cuts peaked in 2022 and 2023 as the company weathered an industry-wide market freeze. But the two recent rounds come as the company rehires employees to support Redfin Next, the company’s hybrid compensation plan that allows agents to earn competitive commission splits while maintaining a full-fledged benefits package. This is due to the configuration.
Redfin did not provide a reason for the termination. However, the brokerage’s latest financial results were mixed, as revenue rose and its net loss widened in the third quarter.
Despite Redfin’s top-line performance decline, Redfin Next drove agent growth for the second consecutive quarter, increasing loyalty sales and mortgage attachment rates. CEO Glenn Kelman said Redfin Next’s success is a bright ray of hope for the company, and the model is attracting top agents across all markets.
“We moved heaven and earth to be profitable in 2024, but we fell short of our goal. We will continue to drive toward profitability,” Kelman said. “Over the past year, almost all of our revenue growth has fallen to the bottom line. Now we’re gearing up for growth.”
“Redfin could see even bigger market share gains as more consumers demand better value from their brokers in 2025,” he added. “And as homebuyers become more sensitive to agent fees, bundling mortgage and title services will become even more important.”
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